Scotiabank Group had expanded suite of ScotiaLife Financial insurance products and services with three new individual term life insurance products.
In addition, Scotiabank has also opened its second retail ScotiaLife Financial Insurance Centre in Toronto.
Scotiabank claims that term life offering marks the first individual life insurance products available through ScotiaLife Financial. The new products include ScotiaLife Term 10, Term 20 and Term to 100 insurance. Coverage will be offered up to $250,000 and the underwriting will be simplified to facilitate a streamlined process for new applicants.
The new term products will be available at the ScotiaLife Financial Insurance Centres, with call centre and web capabilities on the stand alone ScotiaLife Financial website coming in the near future, according to the Scotiabank.
ScotiaLife Financial currently offers a full range of life and health insurance products including hospitalization, critical illness, health and dental, and accidental death insurance to Scotiabank customers, as well as home, auto, travel and now individual term life insurance products.
Scotiabank group head, global wealth management Chris Hodgson said insurance remains a key focus for the Scotiabank Group. The company sees tremendous growth opportunities in Canada and the expansion of insurance offering within new Global Wealth Management division will accelerate the ability to provide comprehensive financial solutions to bank's loyal customer base.